This is my attempt to replicate Leaf_West's presentation of .
Use of the indicator is described in detail in the Educational info pdfs: http://tradingwithleafwest.net/.
I have used (8) and DMI(9) for a best fit.. Leaf's methods evolve as time goes on and
The BATS data feed has the usual issues affecting the plots, a realtime data feed is the way to go. Credit for the original and DMI script goes to Greeny
// This is a different way of plotting ADX used by Leaf_West at http://tradingwithleafwest.net/. // The criteria for plotting ADX are described in the educational info. // This is my attempt to replicate Leaf_West's indicator. // The BATS data feed has the usual issues. Realtime data is the way to go. // Credit for the original ADX and DMI script goes to Greeny study("Trend Strength/ADX Leaf_West style", shorttitle=" Trend Strength ADX LW") LWadxlength = input(8, title="ADX period") LWdilength = input(9, title="DMI Length") dirmov(len) => up = change(high) down = -change(low) truerange = rma(tr, len) plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange) minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange) [plus, minus] adx(LWdilength, LWadxlength) => [plus, minus] = dirmov(LWdilength) sum = plus + minus adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), LWadxlength) [adx, plus, minus] [ADX, up, down] = adx(LWdilength, LWadxlength) LWADX= (ADX-15)*2.5 adxcolor= up>down?green: red plot(LWADX, color=adxcolor, title="Trend Strength") plot (LWADX, color=adxcolor , style= histogram, linewidth= 4) plot(0, color=black, title="Chop Zone") plot(20, color=green, title="Mendoza Line", linewidth=1) plot(100, color=red, title=" Extreme Zone", linewidth=1)
Thanks in advance.